From: jeffrey E. <[email protected]> Sent: Tuesday, March 8, 2016 4:15 PM To: Richard Kahn Subject: Re: New Issue $25 Par. AmTrust Financial Services (AFSI) Non-Cumulative Perpetual Preferred Stock; 7.75% - 7.875% Fixed for Life ok thx On Tue, Mar 8, 2016 at 11:14 AM, Richard Kahn wrote: working on it now and it will take all=day - hope to have rough draft late this afternoon or tomorrow am =div> Richard Kahn HBRK Associates Inc. New York, NY 10022 La> fax 646-350-0954 <tel:646-350-0954> On Mar 8, 2016, at 11:12 AM, jeffre= E. <[email protected] <mailto:[email protected]» wrote: cash flow? =/div> On Tue, Mar=8, 2016 at 10:47 AM, Richard Kah <mailto: ><=span> wrote: attached was sent from both Morgan Stanley and Wells Fargo ple=se advise thank you Richard Kahn HBRK Associates Inc. New York, NY 10022 EFTA_R1_01581187 EFTA02470287

fax 646.350.0954 <tel:646.350.0954> Begin forwarded message: <=iv style="margin-top:0px;margin-right:0px;margin-bottom:0px;margin- left:=px">From: "Atlas, Andrew S&=uot; <mailt Subject: New Issue $25 Par: AmTrust Finan=ial Services (AFSI) Non-Cumulative Perpetual Preferred Stock; 7.75% - 7.87=% Fixed for Life <mailt Date: March 8, 2016 at 10:13:33 AM EST To: "Richard Kahn Good Morning Rich, Want to show STC another new issue preferr=d that Morgan Stanley is pricing today. 1> Details: Maturity: Q 4) Perpetua= Q 40 Price Talk: :4, ilik: 7.75% - 7.875% 40 4) Offer Price: 40 40 $25.00 40 40 2 EFTA_R1_01581188 EFTA02470288

Dividends: . 4P Payable when, as and if declared on the 15th of March= June, September and December beginning on 6/15/16, Fixed for life 4> 4> * Q Optional Redemption: Callable at par on or after 3/xx/=021 * 40 Use of Proceeds: 410 General corporate purposes, which may includ= working capital, capital expenditures and/or strategic acquisitions 40 40 DRD/QDI Eligible: 4> Yes, See Red for tax and withholding details Sub=ect to US Tax Withholding for NRA Clients: 4) l> =Yes" * 40 Expected Listing: 4, NYSE Timing: 4+ 4, Today'= Business Speak soon, Andrew</=> Andrew S. Atlas=u> First Vice President =span style="font-size:10.0ptcolor:#004080">Equity Sales/Middle Mar=ets Group </=pan> Financial=Advisor Morgan Stanley=Wealth Management 1290 Avenue of the Americas, 12th Floor I New York, NY 10104 4592 <tel:%2B1%20212%20705%2045=2> =span style="font-size:9.0pt;color:#595959">NMLS ID # 1326736 Fax: +1212 705 3 EFTA_R1_01581189 EFTA02470289

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4k please note The information=contained in this communication is confidential, may be attorney-client=privileged, may constitute inside information, and is intended only for=br>the use of the addressee. It is the property of JEE Unauthorized =se, disclosure or copying of this communication or any part thereof is =trictly prohibited and may be unlawful. If you have received this co=munication in error, please notify us immediately by return e-mail or b= e-mail to [email protected] <[email protected]> , and destroy this communication and all copies the=eof, including all attachments. copyright -all rights reserved 5 EFTA_R1_01581191 EFTA02470291